- 1). Call your credit card company. Ask to speak to someone who can negotiate your interest rate. If you are able to get them to lower your interest rate, your monthly payment will come down and you will decrease the rate at which your debt grows each month.
- 2). Contact your credit card company and offer them a lower amount than what you owe to settle your account and forgive the remainder of the debt owed. Make sure you have the funds available to do this, as they most likely would want the money in one lump-sum payment.
- 3). Research and find a good debt-management company if you are unsuccessful in renegotiating the terms or amount on your card or are in so deep that those avenues won't help. A good, reputable company will be able to work for you by contacting all of your debtors, including your credit card companies. They will negotiate interest and payments. You would then pay the debt-management company one lower monthly bill until your debt is paid off. Make sure you choose a reputable debt-management company. Get references, read company reviews and check the Better Business Bureau before choosing a company to work with.
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